Special rights to shareholders require periodic special-resolution approval, with exemptions for lender or debenture-trustee acquisitions.

Any special right granted to shareholders of a listed entity must be approved by shareholders by way of a special resolution once every five years from the date of grant; rights existing on commencement must be approved within five years; exemptions apply where rights arise because a Reserve Bank regulated financial institution or a registered debenture trustee becomes a shareholder under a lending arrangement or subscription agreement.

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